Giordano Lombardo, CIO of Pioneer Investments, says he retains long risk positions, particularly in China, but has a more balanced portfolio now.

We are consistently long risk assets, both equity and credit. We’ve been positive on European equities for two years and underweight government bonds. But in early 2014 we began to scale down the level of risk.

We are still long risk but we are buying hedges on equities we think are too expensive. That’s especially true for the US market.